The Aditya Birla Group has entered an exclusivity period to acquire Sprng Energy, Shell's renewable energy platform in India, according to people familiar with the matter.
The conglomerate has emerged as the front runner for the transaction after offering around $1.7 billion for the business, the people said.
As part of the process, the Aditya Birla Group will conduct due diligence over the next three to four weeks before deciding on a final agreement.
The acquisition is being pursued through Aditya Birla Renewables, a subsidiary of Grasim Industries, the people said. The deal, if completed, would strengthen the group's presence in the renewable energy sector.
The Aditya Birla Group did not respond to a request for comment at the time of publishing the story.
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